CALGARY, A.B. – AltaGas has announced they will move forward with the $500 million Ridley Island Propane Export Terminal. The terminal will export propane from AltaGas facilities in northeast B.C.
In a press release Tuesday, AltaGas, announced they have executed long-term agreements for land a marine infrastructure on Ridley Island. The facility is expected to the first propane export facility on Canada’s west coast.
“We are consulting and working with the First Nations whose traditional territory the Ridley Export Terminal is located within,” said David Harris, President and CEO of AltaGas. “Collaborating closely with First Nations and communities to create sustainable social value is of paramount importance to us and we look forward to a long and mutually beneficial relationship with the First Nations in the region.”
The Ridley Export Terminal will be designed to ship 1.2 million tonnes of propane per year and is estimated to cost approximately $450 – $500 million. Along with final investment decision, AltaGas will be offering a third party the option to take an equity position of up to 30 percent in the Ridley Export Terminal.
AltaGas expects half of the 1.2 million tonnes of propane will come from existing or proposed plants under construction in northeast B.C. The remaining 50 per cent will come from producers and aggregators in western Canada.
Construction is expected to begin in early 2017. The Ridley Export Terminal is expected to be in service by the first quarter of 2019.